It’s wild to hear people scape goat REIT funds and campaign for rent control when the real problem happens to be “average people” owning investment properties. Step 1 of fixing the problem is the immediate repeal of Prop 13.

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crooked-v 2 hours ago | parent [-]

Repealing Prop 13 would be good, but wouldn't fix the core problem, which is that CA (and most of the US) is literally decades behind on building sufficient housing units for population growth because of self-inflicted zoning and permitting problems. California isn't unique in this, Prop 13 just makes it even more painful because old people hang onto houses that are too big for them and so constrain the already-limited supply more.

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onedognight 2 hours ago | parent [-]

Prop 13 isn’t the reason old people hang on to their property. You can downgrade and maintain your Prop 13 tax advantage.

	▲	epistasis an hour ago \| parent [-]
		Most of the smaller, walkable places that are not car dependent do not allow that Prop 13 transfer, because it's mostly rental places. Condo defect law is far far more onerous than defect law for single family homes, to the point that it doesn't make sense to offer units for sale. There are those working on reform but it's a slow process. I have see it happen with older friends: they could move to a smaller place that's more appropriate but they'd had to pay a ton more. The Prop 13 distortion on the market is very extreme. Perhaps even more so than the super low pandemic interest rates compared to today's interest rates.